Data released yesterday showed that the number of people claiming unemployment benefits in the U.K. had declined unexpectedly throughout July, while the country’s jobless rate held steady near a six-year low. The claimant count fell by a seasonally adjusted 4,900 last month, compared to expectations for a gain of 1,500 people. The report also showed that the rate of unemployment held steady at 5.6% in the three months to June which stood in line with forecasts.
The labor market is being closely monitored by the Bank Of England as it contemplates when to start raising interest rates for the first time since the global financial crisis in 2008.
Throughout June we saw the number of job openings in the U.S fall more than expected.Job openings, excluding the farming industry, decreased to 5.249 million in June from 5.357 million in May. The figure was previously reported at 5.363 million.The figure was predicted to fall to 5.300 million in June.
The U.S Monthly Budget Statement was released yesterday. It registered at $-149.2B, below expectations ($-132B) in July. Mortgage applications came in a lot lower than what they were previously, currently standing at 0.1% with the previous figure being 4.7%.
Greece’s bailout deal will next be reviewed in October. Greece’s eurozone creditors insisted they will not be discussing bailout relief before this month, with no promises on how soon any easing of Greece’s debt burden might come.
It is reported that Germany has serious doubts about the bailout deal and that the German government has little faith in what has been agreed in Athens. We also saw the Euro reach a two week high against the dollar yesterday due to China devaluing the Yuan.
EUR: 12:30 – ECB Monetary Policy Meeting
USD: 13:30 – Retail Sales (MoM) (July) Expected to rise to 0.5% from -0.3%
USD: 13:30 – Retail Sales ex Autos (MoM) (July) Expected to rise to 0.5% from -0.1%